Russia's invasion of Ukraine one year ago resulted in an energy war that upended markets and imposed painfully high energy costs on people worldwide.
The European Union has long been dependent on Russia for most of its fossil fuel imports. Prior to the war, the EU had purchased roughly 50% of Russia’s oil exports, both crude and refined, and over 60% of its natural gas.
In fact, the EU even saw a period of oversupply, with gas storage tanks so full that some buyers were forced to choose between either selling off some of their stored gas or storing their surplus in Ukraine. The surge in new contracts has put President Joe Biden at odds with some environmental constituencies and has prompted some to suggest it could even put his climate legacy at risk.Some countries have extended the lives of nuclear reactors or reversed their long-held positions on nuclear power amid rising concerns about supply shortages.
Belgium, for its part, announced plans to extend the lifespan of two reactors by 10 years due to the invasion. This touched off a painful increase in gas prices for U.S. drivers, who saw the national average rise to an all-time high of more than $5 per gallon in June. That's because Russia has spent months amassing a fleet of “ghost ships,” or unregistered crude tankers, to allow it to ship outside the price cap.
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